Mahindra Manulife Investment Management Pvt Ltd · Aggressive Hybrid

Mahindra Manulife Aggressive Hybrid Fund

Hybrid Schemes - Aggressive Hybrid Fund Direct plan, growth benchmark: CRISIL Hybrid 35+65 Aggressive Index launched 28 Jun 2019 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹29.96

−0.02% since 18 Sep 2026, the previous NAV

1 year

−2.7%

return

3 years

11.8%

a year

5 years

11.5%

a year

Since launch

16.6%

a year, over 7.1 years

Assets (AUM)

₹2,736 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.51% / 1.69%

a year, as of Aug 2026

Holdings

111

top ten are 27% of the fund · Aug 2026

Disclosed history

7.2 yrs

Jul 2019 – Aug 2026 · 5 of 11 checks could run

Fund managers

Rahul Pal · since Jul 2019 · debt portionFatema Pacha · since Oct 2020 · equity portionAmit Garg · since Apr 2024 · debt portionKirti Dalvi · since Dec 2025 · equity portionVishal Jajoo · since Jul 2026 · equity portion

All managers →

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 2.02% a year more than Direct

₹74,202 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Rahul Pal for 7.2 yrs

with Fatema Pacha, Amit Garg££, Kirti Dalvi, Vishal Jajoo. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Rahul Pal's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Beat its category in 100% of three-year stretches, and averaged +3.3 points a year across all of them

51 rolling windows since 2019 · ahead by 3.3 points a year when it won — and never lost one. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Jul 2019

87 month-ends · ₹9.97 → ₹29.96, 3.0× since Jul 2019

Deepest fall (max drawdown)

−12.3%

27 Sep 2024 → 28 Feb 2025

Worst month

−8.7%

Mar 2026

Days to recover

117

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 111 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	ICICI Bank Limited equity	Banks	5.29%	Feb 2020	6.6 yrs	-0.43%
2	HDFC Bank Limited equity	Banks	3.98%	Sep 2019	7.0 yrs	-1.25%
3	Triparty Repo money market	—	3.38%	Apr 2026	5 mo	+0.70%
4	Reliance Industries Limited equity	Petroleum Products	2.50%	Jan 2020	6.7 yrs	-0.42%
5	Bharti Airtel Limited equity	Telecom - Services	2.20%	Oct 2021	4.9 yrs	-0.48%
6	Bajaj Finserv Limited equity	Finance	2.09%	Oct 2024	1.9 yrs	-0.14%
7	Kotak Mahindra Bank Ltd equity	Banks	1.87%	Jan 2026	8 mo	-0.94%
8	Axis Bank Limited equity	Banks	1.81%	Apr 2024	2.4 yrs	+0.78%
9	ICICI Securities Limited 2026 ** money market	—	1.79%	Jul 2026	2 mo	+1.79%
10	KEI Industries Limited equity	Industrial Products	1.77%	Jul 2026	2 mo	+1.77%
11	Larsen & Toubro Limited equity	Construction	1.65%	Jul 2019	7.2 yrs	-0.35%
12	Infosys Limited equity	IT - Software	1.62%	Oct 2020	5.9 yrs	-0.86%
13	7.24% Government of India 2055 government security	—	1.55%	Sep 2025	1.0 yrs	+0.52%
14	IndusInd Bank Limited equity	Banks	1.53%	Nov 2025	10 mo	+0.57%
15	Adani Energy Solutions Limited equity	Power	1.51%	Jul 2026	2 mo	+1.51%
16	Eternal Limited equity	Retailing	1.50%	Mar 2026	6 mo	+0.11%
17	Dixon Technologies (India) Limited equity	Consumer Durables	1.47%	Jun 2025	1.3 yrs	+0.81%
18	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	1.34%	Jul 2019	7.2 yrs	+0.66%
19	Adani Enterprises Limited equity	Metals & Minerals Trading	1.33%	Jul 2026	2 mo	+1.33%
20	Zydus Lifesciences Limited equity	Pharmaceuticals & Biotechnology	1.31%	Apr 2026	5 mo	+0.63%
21	Kirloskar Oil Engines Limited equity	Industrial Products	1.29%	May 2026	4 mo	+0.96%
22	Cochin Shipyard Limited equity	Industrial Manufacturing	1.27%	Apr 2026	5 mo	+0.63%
23	TVS Motor Company Limited equity	Automobiles	1.24%	Jan 2025	1.7 yrs	+0.08%
24	UNO Minda Limited equity	Auto Components	1.24%	Nov 2020	5.8 yrs	-0.04%
25	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	1.22%	Jun 2025	1.3 yrs	-0.12%
26	7.2% State Government Securities 2036 government security	—	1.22%	Oct 2025	11 mo	-0.24%
27	Avenue Supermarts Limited equity	Retailing	1.19%	Mar 2025	1.5 yrs	-0.19%
28	Mahindra & Mahindra Limited equity	Automobiles	1.18%	Nov 2025	10 mo	-0.14%
29	Belrise Industries Ltd. equity	Auto Components	1.15%	Jul 2026	2 mo	+1.15%
30	Trent Limited equity	Retailing	1.11%	Feb 2026	7 mo	-0.21%
31	Marico Limited equity	Agricultural Food & other Products	1.07%	Jun 2026	3 mo	+1.07%
32	Havells India Limited equity	Consumer Durables	1.02%	Mar 2024	2.5 yrs	+0.06%
33	Astral Limited equity	Industrial Products	1.01%	May 2025	1.3 yrs	+0.32%
34	SBI Cards and Payment Services Limited equity	Finance	1.00%	Aug 2026	1 mo	+1.00%
35	Karur Vysya Bank Limited equity	Banks	1.00%	Jun 2026	3 mo	+1.00%
36	8.75% Bharti Telecom Limited 2028 ** corporate bond	—	0.98%	Dec 2024	1.8 yrs	-0.20%
37	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.97%	Dec 2023	2.8 yrs	+0.14%
38	Titagarh Rail Systems Limited equity	Industrial Manufacturing	0.97%	May 2026	4 mo	+0.61%
39	Max Financial Services Limited equity	Insurance	0.96%	Jul 2026	2 mo	+0.96%
40	Shriram Finance Limited equity	Finance	0.94%	Jan 2025	1.7 yrs	+0.08%
41	Max Healthcare Institute Limited equity	Healthcare Services	0.93%	Jan 2026	8 mo	-0.11%
42	Tata Capital Limited equity	Finance	0.92%	Oct 2025	11 mo	+0.18%
43	InterGlobe Aviation Limited equity	Transport Services	0.92%	Apr 2026	5 mo	+0.44%
44	SRF Limited equity	Chemicals & Petrochemicals	0.91%	Nov 2025	10 mo	-0.01%
45	Tech Mahindra Limited equity	IT - Software	0.91%	Mar 2023	3.5 yrs	-0.09%
46	ICICI Securities Limited 2026 money market	—	0.90%	Jul 2026	2 mo	+0.90%
47	REC Limited 2026 ** money market	—	0.89%	Jul 2026	2 mo	+0.89%
48	360 One WAM Limited equity	Capital Markets	0.88%	Jun 2026	3 mo	+0.88%
49	Vedanta Aluminium Metal Limited equity	Non - Ferrous Metals	0.86%	Aug 2026	1 mo	+0.86%
50	Dr. Lal Path Labs Limited equity	Healthcare Services	0.85%	Mar 2026	6 mo	+0.27%
51	Fedbank Financial Services Ltd equity	Finance	0.85%	Jun 2026	3 mo	+0.85%
52	NMDC Limited equity	Minerals & Mining	0.84%	Apr 2026	5 mo	+0.08%
53	HDB Financial Services Limited equity	Finance	0.82%	Apr 2026	5 mo	+0.10%
54	Brookfield India Real Estate Trust reit	—	0.81%	Apr 2026	5 mo	-0.11%
55	Escorts Kubota Limited equity	Agricultural, Commercial & Construction Vehicles	0.80%	Mar 2026	6 mo	+0.20%
56	Dr Reddys Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.77%	Oct 2025	11 mo	-0.28%
57	Titan Company Limited equity	Consumer Durables	0.76%	Oct 2024	1.9 yrs	+0.03%
58	Mankind Pharma Limited equity	Pharmaceuticals & Biotechnology	0.75%	May 2026	4 mo	+0.24%
59	Pidilite Industries Limited equity	Chemicals & Petrochemicals	0.74%	Oct 2024	1.9 yrs	-0.05%
60	6.4% LIC Housing Finance Limited 2026 corporate bond	—	0.73%	Aug 2026	1 mo	+0.73%
61	8.02% Cholamandalam Investment and Finance Company Ltd 2029 (FRN) ** corporate bond	—	0.72%	May 2026	4 mo	+0.46%
62	6.85% National Bank For Agriculture and Rural Development 2029 ** corporate bond	—	0.70%	May 2026	4 mo	-0.15%
63	Tata Power Company Limited equity	Power	0.69%	May 2023	3.3 yrs	-0.32%
64	Britannia Industries Limited equity	Food Products	0.68%	Mar 2025	1.5 yrs	-0.14%
65	K.P.R. Mill Limited equity	Textiles & Apparels	0.67%	Aug 2025	1.1 yrs	0.00%
66	LG Electronics India Ltd equity	Consumer Durables	0.66%	Oct 2025	11 mo	-0.05%
67	Grasim Industries Limited equity	Cement & Cement Products	0.65%	Aug 2026	1 mo	+0.65%
68	Aarti Industries Limited equity	Chemicals & Petrochemicals	0.65%	Feb 2026	7 mo	-0.06%
69	Godrej Properties Limited equity	Realty	0.61%	Mar 2026	6 mo	-0.04%
70	Grindwell Norton Limited equity	Industrial Products	0.56%	Apr 2026	5 mo	-0.05%
71	8.85% TVS Credit Services Limited 2027 ** corporate bond	—	0.54%	Jan 2024	2.7 yrs	-0.11%
72	7.79% Small Industries Dev Bank of India 2027 ** corporate bond	—	0.54%	Jun 2026	3 mo	+0.54%
73	9.15% 360 One Prime Limited 2029 ** corporate bond	—	0.54%	Jul 2026	2 mo	+0.54%
74	7.73% Embassy Office Parks REIT 2029 ** reit	—	0.54%	Apr 2025	1.4 yrs	-0.11%
75	CG Power and Industrial Solutions Limited equity	Electrical Equipment	0.53%	Apr 2024	2.4 yrs	-0.11%
76	7.51% Tata Housing Development Company Limited 2028 ** corporate bond	—	0.53%	Mar 2026	6 mo	-0.11%
77	HDFC Securities Limited 2026 ** money market	—	0.53%	Aug 2026	1 mo	+0.53%
78	Suzlon Energy Limited equity	Electrical Equipment	0.51%	Apr 2026	5 mo	-0.23%
79	Bandhan Bank Limited equity	Banks	0.46%	Jan 2026	8 mo	-0.25%
80	Arvind Fashions Limited equity	Retailing	0.46%	Sep 2024	2.0 yrs	+0.06%
81	7.71% Government of India 2066 government security	—	0.45%	Aug 2026	1 mo	+0.45%
82	7.8% National Bank For Agriculture and Rural Development 2027 corporate bond	—	0.40%	Jul 2026	2 mo	+0.40%
83	Embassy Office Parks REIT reit	—	0.39%	Mar 2025	1.5 yrs	-0.07%
84	7.8350% LIC Housing Finance Limited 2027 ** corporate bond	—	0.39%	Jul 2026	2 mo	+0.39%
85	7.64% REC Limited 2027 corporate bond	—	0.39%	Aug 2026	1 mo	+0.39%
86	7.01% National Bank For Agriculture and Rural Development 2029 ** corporate bond	—	0.39%	Aug 2026	1 mo	+0.39%
87	8.42% Godrej Industries Limited 2027 ** corporate bond	—	0.36%	Jul 2024	2.2 yrs	-0.07%
88	8.9% Muthoot Finance Limited 2027 ** corporate bond	—	0.36%	Sep 2024	2.0 yrs	-0.07%
89	8.40% Godrej Industries Limited 2027 ** corporate bond	—	0.36%	Nov 2024	1.8 yrs	-0.07%
90	8.52% Muthoot Finance Limited 2028 ** corporate bond	—	0.36%	Apr 2025	1.4 yrs	-0.07%
91	7.21% Embassy Office Parks REIT 2028 ** reit	—	0.36%	Jul 2025	1.2 yrs	-0.07%
92	7.4% Bharti Telecom Limited 2029 ** corporate bond	—	0.35%	Jan 2026	8 mo	-0.07%
93	Fedbank Financial Services Limited 2026 ** money market	—	0.35%	Aug 2026	1 mo	+0.35%
94	7.83% Indian Railway Finance Corporation Limited 2027 ** corporate bond	—	0.32%	Aug 2026	1 mo	+0.32%
95	6.68% Government of India 2040 government security	—	0.29%	Jul 2025	1.2 yrs	-0.87%
96	9.30% TVS Credit Services Limited 2029 ** corporate bond	—	0.29%	Apr 2025	1.4 yrs	-0.06%
97	Small Industries Dev Bank of India 2027 ** # money market	—	0.21%	Aug 2026	1 mo	+0.21%
98	JM Financial Services Limited 2027 ** money market	—	0.21%	Jan 2026	8 mo	-0.04%
99	Piramal Finance Limited equity	Finance	0.19%	Aug 2026	1 mo	+0.19%
100	8.18% National Bank For Agriculture and Rural Development 2028 ** corporate bond	—	0.18%	Nov 2023	2.8 yrs	-0.04%
101	9.02% Muthoot Finance Limited 2027 ** corporate bond	—	0.18%	Jun 2026	3 mo	+0.18%
102	7.74% LIC Housing Finance Limited 2027 ** corporate bond	—	0.18%	Feb 2026	7 mo	-0.04%
103	Nexus Select Trust - REIT reit	—	0.17%	Mar 2025	1.5 yrs	-0.04%
104	Small Industries Dev Bank of India 2027 ** # money market	—	0.17%	Aug 2026	1 mo	+0.17%
105	8.30% Godrej Properties Limited 2027 ** corporate bond	—	0.11%	Jul 2026	2 mo	+0.11%
106	8.75% Piramal Finance Limited 2027 corporate bond	—	0.11%	Feb 2026	7 mo	-0.02%
107	9.2% 360 One Prime Limited 2028 (FRN) ** corporate bond	—	0.09%	May 2026	4 mo	-0.02%
108	7.05% Sundaram Finance Limited 2028 ** corporate bond	—	0.09%	Oct 2025	11 mo	-0.02%
109	7.08% Bajaj Housing Finance Limited 2030 ** corporate bond	—	0.09%	May 2026	4 mo	-0.01%
110	9.61% 360 One Prime Limited 2027 ** corporate bond	—	0.07%	Jan 2024	2.7 yrs	-0.02%
111	6% TVS Motor Company Limited ** corporate bond	—	0.01%	Aug 2025	1.1 yrs	0.00%

Showing 1–111 of 111 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks15.9% · 17.0%

Finance6.8% · 4.2%

Pharmaceuticals & Biotechnology5.0% · 3.7%

Industrial Products4.6%

Retailing4.3% · 4.0%

Consumer Durables3.9% · 4.7%

IT - Software2.5% · 7.3%

Petroleum Products2.5% · 4.3%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap43.1%

Mid cap23.3%

Small / micro cap7.7%

Cash & equivalents9.8%

Other16.1%

share of the book025%50%75%100%

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 43%
Mid cap 23%
Small / micro 8%
Cash & other 10%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date headline and record disagree

Beat its category in 100% of three-year stretches, and averaged +3.3 points a year across all of them

51 rolling windows since 2019 · ahead by 3.3 points a year when it won — and never lost one

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. It did not lose one of the 51, so the average across all of them is the average win, +3.3 points.

100%

lowest in categoryhighest in category

95th percentile · top decile of 29 funds · category median 53%

windows measured51windows won51average across every window+3.35 pts a year · median +3.29when ahead, by how much+3.35 pts a year over 51 windowsworst window+0.65 pts a year, ended Sep 2026best window+5.81 pts a year, ended Jul 2022non-overlapping windows in that span2 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

A modest five-year number over a record that beat its category 100% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 100% of them, which points the opposite way to the headline figure. A single end date decided that headline.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests.

P5 Cost, measured

Regular plan costs 2.02% a year more than Direct

₹74,202 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

2.02 pp a year

costliest in categorycheapest in category

5th percentile · bottom decile of 29 funds · category median 1.25 pp

on ₹1,00,000 over ten years₹74,202Direct vs Regular, annualised16.6% vs 14.6%measured over7.17 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 84% of the portfolio a year

−0.04 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

84% a year

costliest in categorycheapest in category

27th percentile · below median of 25 funds · category median 62%

excess return per unit of turnover−0.04 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 65 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

65 months

lowest in categoryhighest in category

75th percentile · above median of 26 funds · category median 41 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

5 of 10 top picks beat their peers over the next 6 months, and averaged 0.9 points behind them

794 positions judged, one disclosure at a time · ahead by 11.6 points when it won, behind by 12.5 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 11.6 points in the 382 positions it won and behind by 12.5 in the 412 it lost, so the average across all 794 is −0.9 points. The worst position was INE397D01024 at the May 2020 disclosure, 49.0 points behind.

48%

lowest in categoryhighest in category

23th percentile · bottom quartile of 24 funds

positions judged794beat the median stock382average across every position−0.87 pts · median −0.41when ahead, by how much+11.64 pts over 382 positionswhen behind, by how much−12.50 pts over 412 positionsworst position−49.03 pts, INE397D01024 at the May 2020 disclosurebest position+67.64 pts, INE002A01018 at the Jan 2020 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹2,736 Cr, 52nd percentile in category; 82% of growth came from inflows

smaller than 48% of the funds in its category (26 funds) · AUM Aug 2023 → Aug 2026 · Regular plan expense ratio 2.21%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

52th percentile by AUM

largestsmallest

48th percentile · below median of 26 funds

median holding weight, trendrisingexpense ratio, Regular / Direct2.21% / 0.88% · category median 2.18%AUM, Aug 2023 → Aug 2026₹776 Cr → ₹2,736 Cr (+52% a year)of that change, from flows rather than returns82% net inflows · NAV +45% over the window

Assets under management, ₹ crore, Sep 2019 – Aug 2026

61 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.59% in Jul 2019 → 2.21% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this

Run by Rahul Pal for 7.2 yrs

with Fatema Pacha, Amit Garg££, Kirti Dalvi, Vishal Jajoo

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

7.2 yrs · Rahul Pal

newest teamlongest-serving

55th percentile · above median of 11 funds · category median 6.5 yrs

running it nowRahul Pal (since Jul 2019), Fatema Pacha (since Oct 2020), Amit Garg££ (since May 2024), Kirti Dalvi (since Dec 2025), Vishal Jajoo (since Jul 2026)share of the fund's life under the longest-serving current manager99%changes of hands in the archive6 — last Jul 2026

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Rahul Pal	debt portion	Jul 2019	now	17.2% vs 14.1% p.a. (+3.18 pp)	100% of 50
Fatema Pacha	equity portion	Oct 2020	now	18.6% vs 16.2% p.a. (+2.39 pp)	100% of 35
Amit Garg	debt portion	Apr 2024*	now	9.4% vs 8.8% p.a. (+0.58 pp)	—
Kirti Dalvi	equity portion	Dec 2025	now	−1.9% vs 0.9% (−2.75 pp)	—
Vishal Jajoo	equity portion	Jul 2026	now	2.3% vs 2.4% (−0.05 pp)	—
Manish Lodha	equity portion	Dec 2020	Oct 2025	20.5% vs 16.6% p.a. (+3.90 pp)	100% of 23

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. About 26% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Mahindra Manulife Aggressive Hybrid Fund - Direct Plan -Growth	growth	₹29.96	21 Sep 2026
direct Mahindra Manulife Aggressive Hybrid Fund - Direct Plan - Monthly IDCW	idcw	₹20.37	21 Sep 2026
regular Mahindra Manulife Aggressive Hybrid Fund - Regular Plan - Growth	growth	₹26.42	21 Sep 2026
regular Mahindra Manulife Aggressive Hybrid Fund - Regular Plan - Monthly IDCW	idcw	₹17.29	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹29.96
Regular growth NAV: ₹26.42
NAV divergence to date: 13.4% — same portfolio, priced differently
Regular costs more by: 2.02% a year
On ₹1,00,000 over ten years: ₹74,202

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

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